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Australian company raises funds to expand Bitcoin mining capacity

While crypto investors are understandably worried about the plunging Bitcoin (BTC) prices, Arkon CEO Josh Payne sees the current situation as perfectly timed for expansion activities due to a number of factors.

Image by: Jernej Furman/Flickr

Fri, 18 Nov 2022, 05:12 am UTC

While the collapse of crypto exchange FTX continues to grab headlines, some crypto firms remain unaffected by the turbulent climate in the space and are moving ahead with their expansion plans. For instance, Australian renewable data center infrastructure company Arkon Energy has successfully raised millions to fund the expansion of its Bitcoin (BTC) mining operations.

Arkon Energy successfully raised $28 million in the latest funding round, according to Cointelegraph. The data center infrastructure company is known for using 100 percent renewable energy to mine Bitcoin (BTC) and its ability to lower operating costs by extracting renewable power trapped in electricity markets.

While crypto investors are understandably worried about the plunging Bitcoin (BTC) prices, Arkon CEO Josh Payne sees the current situation as perfectly timed for expansion activities due to a number of factors.

“The current market climate, with low prices for Bitcoin and mining equipment, offers a compelling opportunity to take advantage of our unique profitability and access to growth capital,” the CEO said.

Arkon also acquired one of Norway’s leading renewable energy-based data centers, Hydrokraft AS. The move is part of the Australian firm’s bigger scheme to create a “vertically integrated green Bitcoin mining infrastructure.”

On October 6, however, the Norwegian government recommended doing away with the country's reduced electricity tax for BTC miners. According to the country's finance minister, the power market is in a very different state now than it was in 2016 when the tax relief was first introduced.

Many businesses in the sector are currently facing challenging conditions due to the current market downturn and industry turmoil.

BTC miner Iris Energy, for instance, it is currently facing a $103 million default demand from American creditors. A US SEC filing on November 7, alleged that the company had failed to satisfy payment deadlines in its restructuring.

Despite the gloom, some businesses are moving forward. Canaan, a Chinese Bitcoin miner, recently announced ambitions to expand its operations internationally and add additional R&D initiatives.

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